2721 65th St SE · Auburn, WA 98092

$589,000

3 bd · 3.0 ba · 1,458 sqft · SingleFamily public records · 37 Days on market

Built 2011 5,000 sqft lot $404/sqft · at area comps Est $592k · at est. $35/mo HOA · 1% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +10.0/10.0
• ARV discount +7.7/15.0
• Schools +7.1/10.0
• Cash flow +4.3/30.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Want low electric bill? Yes, really. Welcome to this beautifully maintained 3BR, 2.5BA home in sought-after North Tapps Estates—where comfort, style, and efficiency come together. Equipped with $30,000 in solar panels (with transferable warranty), the previous owner has enjoyed little to no electricity costs—an incredible long-term savings advantage. Step inside to a dramatic two-story entry and vaulted ceilings that create an airy, inviting feel. The open-concept layout is perfect for everyday living and entertaining, featuring beautiful low-maintenance flooring, fresh paint, and a cozy gas fireplace in the family room just off the kitchen. All appliances are included for a sea

Key facts

• Cozy gas fireplace
• Two-story entry
• Solar panels

Tags

• SOLAR PANELS
• TWO-STORY ENTRY
• VAULTED CEILINGS
• OPEN-CONCEPT LAYOUT
• LOW-MAINTENANCE FLOORING
• COZY GAS FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $589k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $310k (47.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (52.1% below list).
• Recommended offer: $282k (52.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Dieringer School District (suburban): math 74% / reading 81% proficiency, ranked #6 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.5%/yr); 296 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).

Forward outlook

• In year one you build about $63k of equity ($4k loan paydown + $59k appreciation (10.0% local appreciation)).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($571k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $282,153 (52.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.48% ✗
• Cap rate: 3.08%
• Cash-on-cash: -11.48%
• DSCR: 0.49
• GRM: 17.4

CMA / ARV

• ARV (median comp): $592,278
• List price: $589,000
• Delta: -0.55%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2721 65th St SE	0.00mi	3/2.5	1,458 (0%)	0mo	$591,000	$405	98
6602 Charlotte Ave SE	0.09mi	3/2.5	1,453 (-0%)	2mo	$595,000	$409	92
2731 65th St SE	0.02mi	3/2.5	1,458 (0%)	12mo	$560,000	$384	87
2725 65th St SE	0.01mi	3/2.5	1,576 (+8%)	3mo	$590,000	$374	82
2722 67th Ct SE	0.20mi	3/2.5	1,576 (+8%)	4mo	$597,500	$379	72
6218 Wesley Pl SE	0.33mi	3/2.5	1,537 (+5%)	2mo	$618,000	$402	72
6228 Annette Ave SE	0.27mi	3/2.5	1,510 (+4%)	13mo	$625,000	$414	68
6229 Wesley Pl SE	0.32mi	3/2.5	1,537 (+5%)	14mo	$635,000	$413	63
2131 62nd Pl SE	0.41mi	3/2.5	1,648 (+13%)	3mo	$615,000	$373	54
6110 Victoria Ct SE	0.48mi	3/2.5	1,299 (-11%)	9mo	$559,995	$431	50
2018 62nd St SE	0.50mi	3/2.5	1,670 (+14%)	4mo	$600,000	$359	47
2101 62nd St SE	0.46mi	3/2.5	1,670 (+14%)	8mo	$637,500	$382	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 2.28×
• Total profit: $211,870
• Equity at exit: $530,618

10-year hold

• IRR: 14.8%
• Equity multiple: 5.17×
• Total profit: $687,934
• Equity at exit: $1,144,297

Cash invested: $164,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98092

• Home prices YoY: 3.3%
• Rents YoY: -0.5%
• Active inventory: 296
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $2,822 high
• Mortgage (P&I): −$3,089
• Tax from tax record: −$438 /mo · $5,258/yr
• Insurance: −$245
• HOA: −$35
• Vacancy / Maint / Mgmt: −$593
• Net cashflow: $-1,578

Break-even live

Break-even rent $4,819

Max offer price $310,176

Occupancy floor —

Sensitivity live

Price	-10% $-1,245	-5% $-1,412	+0% $-1,578	+5% $-1,745	+10% $-1,912
Rent	-10% $-1,801	-5% $-1,690	+0% $-1,578	+5% $-1,467	+10% $-1,355
Rate	-1.0pp $-1,282	-0.5pp $-1,429	base $-1,578	+0.5pp $-1,731	+1.0pp $-1,886

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $147,250
• Closing costs: $17,670
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2705 67th Ct SE Auburn, WA	3.0	3.0	1458	$2,995	$2.05	11d	1	0.21mi
6821 Udall Pl SE Auburn, WA	1.0–3.0	1.0–2.0	923	$2,645	$2.87	0d	28	0.34mi
1115 62nd St SE Unit 18B Auburn, WA	2.0	1.5	1285	$2,695	$2.10	2d	1	1.00mi
1105 63rd St SE Unit C Auburn, WA	3.0	2.5	1372	$4,000	$2.92	0d	1	1.00mi
7101 Lindsay Ave SE Auburn, WA	1.0–2.0	1.0–1.5	853	$2,052	$2.40	0d	20	1.09mi
5909 Panorama Dr SE Unit 11-103 Auburn, WA	2.0	2.5	1727	$2,750	$1.59	44d	1	1.17mi

HOA detail

• Monthly dues: $35 · $420/yr
• Likely covers: gaselectric

Listing history 22 events

1. 2026-05-17
   status Pending
2. 2026-05-01
   price $589,000
3. 2026-04-09
   listed $599,000 Active
4. 2024-09-13
   historical $3,295
5. 2024-09-13
   listed $3,295
6. 2024-08-29
   historical $3,295
7. 2024-08-29
   historical $3,295
8. 2024-08-21
   listed $3,295
9. 2024-08-16
   price $3,295
10. 2024-08-14
    price $3,495
11. 2024-08-13
    listed $3,695
12. 2024-08-05
    soldstatus $595,000 Closed
13. 2024-07-03
    status Pending
14. 2024-06-28
    listed $595,000 Active
15. 2011-12-14
    soldstatus $226,990 Sold
16. 2011-09-21
    status Pending
17. 2011-08-25
    price $226,990
18. 2011-08-03
    status Active
19. 2011-08-03
    price $222,990
20. 2011-05-18
    status Pending
21. 2011-05-18
    listed $221,526 Active
22. 2010-10-19
    soldstatus $1,701,300

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $5,258 · $438/mo
• Projected year-2 tax: $5,772 · $481/mo
• Expected delta: +$514/yr (+$43/mo · 9.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,858
• − Mortgage interest: −$32,993
• − Property taxes: −$5,258
• − Insurance: −$2,945
• − Repairs & maintenance: −$2,709
• − Management: −$2,709
• − HOA: −$420
• − Depreciation: −$17,135
• Taxable loss: −$30,310
• Est. tax savings @ 24.0%: +$7,274
• After-tax cash flow: $-11,666/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Dieringer School District
• NCES district ID: 5302130
• Math proficiency: 74% ▬ 0.00%
• Reading proficiency: 81% ▲ 3.00%
• Median HH income: $94,738
• Composite: 70.73/100
• National rank: #511
• State rank: #6 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,224
• Household income: $122,300
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1041.0

Population outlook (Pierce County) Hauer SSP2

• Today (2025): 956,648 people
• By 2030: 1,010,862 · +5.7%
• By 2040: 1,113,170 · +16.4%
• By 2050: 1,206,524 · +26.1%
• By 2075: 1,436,425 · +50.2%
• By 2100: 1,563,654 · +63.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 54% Hispanic / Latino 15% Asian 14% Two or more races 13% Native American 4% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Italian 3% Subsaharan African 3%
• Foreign-born: 20% · Canada, South Korea, Vietnam
• Languages at home: 73% English-only · Spanish 9% Russian/Polish/Slavic 4% Other Indo-European 3%

Political lean MEDSL · Pierce

• 2024 margin: D (+10.8) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: -1.4pp toward R · 2008: 12.2pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+11.2 2016: D+7.5 2012: D+11.0 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 49.75%
• Current HPI: 1554.06
• Rent YoY: ▼ -0.46%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

-65.4% since first listed

22 events — show timeline

• 2026-05-17 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-01 Price Changed $589,000 NWMLS as Distributed by MLS Grid
• 2026-04-09 Listed $599,000 NWMLS as Distributed by MLS Grid
• 2024-09-13 Rental Removed $3,295 RENT.
• 2024-09-13 Listed for Rent $3,295 RENT.
• 2024-08-29 Rental Removed $3,295 RENT.
• 2024-08-29 Rental Removed $3,295 NWMLS
• 2024-08-21 Listed for Rent $3,295 RENT.
• 2024-08-16 Price Changed $3,295 NWMLS
• 2024-08-14 Price Changed $3,495 NWMLS
• 2024-08-13 Listed for Rent $3,695 NWMLS
• 2024-08-05 Sold (MLS) $595,000 NWMLS as Distributed by MLS Grid
• 2024-07-03 Pending — NWMLS as Distributed by MLS Grid
• 2024-06-28 Listed $595,000 NWMLS as Distributed by MLS Grid
• 2011-12-14 Sold (MLS) $226,990 NWMLS as Distributed by MLS Grid
• 2011-09-21 Pending — NWMLS as Distributed by MLS Grid
• 2011-08-25 Price Changed $226,990 NWMLS as Distributed by MLS Grid
• 2011-08-03 Relisted — NWMLS as Distributed by MLS Grid
• 2011-08-03 Price Changed $222,990 NWMLS as Distributed by MLS Grid
• 2011-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2011-05-18 Listed $221,526 NWMLS as Distributed by MLS Grid
• 2010-10-19 Sold (Public Records) $1,701,300 Public Records

Property tax history

+9.2%/yr

Latest (2026): $5,258 · +0.3% YoY. Source: county tax records.